The GBP/USD pair is under correction, still likely to fall. Estimated pivot point is at a level of 1.3110.

Main scenario: short positions will be relevant from corrections below the level of 1.3110 with a target of 1.2940 – 1.2901.

Alternative scenario: breakout and consolidation above the level of 1.3110 will allow the pair to continue the rise up to the levels of 1.3212 – 1.3390.

Analysis: Supposedly, a descending correction of senior level in the form of the second wave (2) finished developing on the daily frame in the form of a zigzag. Supposedly, the first counter-trend wave of i of 1 of (3) has been formed and a descending correction finished developing in the form of wave  ii of 1  on the H4 time frame. On the H1 time-frame, apparently, a counter-trend impetus in the form of wave (i) of iii has been formed and a local correction of junior level (ii) of iii is developing. If the presumption is correct, the pair will continue to drop to the levels of 1.2940 – 1.2901. The level  1.3110 is critical in this scenario.

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Price chart of GBPUSD in real time mode

GBP/USD: Wave analysis and forecast for 22/02/2019 – 01/03/2019

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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